According to Etera’s managing director Stefan Björkman, the merger is still pending approval from the relevant authorities and from both companies’ general meetings. He told FBNW that no big plans have yet been made in regards of joining the two investment departments. “We will need to wait for the official approvals to come through before we will be making any detailed plans in that regard,” he said, adding: “Until then we will keep on operating as two separate investment teams.”
Timo Ritakallio, chief executive officer at Ilmarinen, said the new joint investment portfolio will follow Ilmarinen’s current strategy with “some added special features that currently exist in Etera’s portfolio”. The companies estimated they could save up to EUR 20 million in investment costs after the merger. The new company will be the largest private sector earnings-related pension insurer in Finland with EUR 44 billion in assets, managing the pension cover of more than 1.1 million Finns. The company’s market share of premiums written will cover 37 per cent. “Our goal is to be Finland’s most cost-effective and attractive earnings-related pensionThe full article is only available to members
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